Leading stablecoin operator Tether launched its US dollar-backed stablecoin USDT on the Algorand proof-of-stake (PoS) blockchain.
In a press release on February 10, Tether announced that USDT on Algorand will contain confirmation times as low as four seconds and transaction costs of a fraction of a percent. Tether chief technology officer Paolo Ardoino said:
“Our latest partnership with Algorand takes advantage of the speed and security of Algorand’s protocol to offer traders a quick settlement and reduced counterparty risk in their approval of digital asset transactions.”
When asked whether Tether intends to launch USDT on more blockchains, Ardoino said that the company “is investigating the launch of Tether on two other important blockchains” but could not say which. He also noted that the Tether Gold gold back token – launched in late January – will also be issued on more blockchains.
As of the release, Tether is the first stablecoin to be launched on the Algorand blockchain. So far, USDT has already launched on Ethereum, EOS, the Liquid Network, Omni and Tron (TRX).
USDT is the leading stablecoin on the market and has a market value of $ 4.6 billion at the time of the press and reports a 24-hour trading volume of $ 46.1 billion according to CoinMarketCap.
Large financial institutions, including central banks and large technology and financial service providers, have entered the stablecoin space.